Issuance strategy

Domestic borrowing
According to Economic Survey, May 2018 the central government financing requirement is:

​Central government financing requirement 2018
​Kr. billion2018
​CIL account​  13
​On-lending etc.  56
​Distributed capital losses, due interest and other capital items​  12
​Net cash balance​- 31
​Net financing requirement​  31
​Repayments of long-term debt etc.1​  60
​Repayments of short-term debt​  33
​Financing requirement ​124

1 Including payments from the central government in currency and interest swaps and net bond purchases of state  owned funds.

Note: According to Economic Survey, May 2018 ​ ​

Buy-backs of bonds financing social housing are included in On-lending etc. and , thus, also in the net financing requirements. The target for issuance of government bonds and T-bills in 2018 is kr. 65 billion and kr. 30 billion, respectively. This is unchanged from 2018. In 2018, a new index-linked bond was opened, maturing in 2030. The focus will be on issuance in the existing 2-year and 10-year nominal bonds and in the new index-linked bond.


Central government financing 2018 ​
​Kr. billion                                                          2018
​Issuance of government bonds via auctions and tap65​
​Issuance related to switches2​5
​Issuance of T-bills​30
​Drawing on the central-government's account​24
Financing, total124
2 Untill April 2018.

Foreign borrowing
The strategy is not to issue foreign bonds in 2018. Issuance can be conducted in the Commercial Paper-programs.